Money

How I Managed To Get Out Of Debt

With recent events and prices going up everywhere I thought it would be a great chance to talk about debt and how I managed to get out my debts. I remember the days of having loads of different payments coming out for different debts! I remember having so much debt with so many different finance providers, I felt overwhelmed and stressed every month. I couldn’t figure out what was coming out and how much each payment was either. This put me into even more debt to offset what I already had coming out. This is when I knew my finances needed to be looked at and how I could change my situation. 

I didn’t know where to start or who to contact either, so I used google! I googled ‘how to get out of debt’. I actually didn’t think there was any help out there for people in debt and didn’t know anyone who had been in debt and managed to pay it all off. I remember looking through different websites and thinking ‘how will I ever get out of debt?’ I came across StepChange, which was so helpful! They have blogs, advice and an online chat to help you decide what is best for you. I remember thinking I didn’t want anything affecting my credit score or have any markers on my credit score either. I also had to sit down and write down all of my debts, debtors and how much I had outstanding. Surprisingly, I had never done this before so didn’t know how much I owed in total. This was the worst part, I had no idea and my figure I thought I owed was way more than what I had written down. 

 

I suggest everyone to make sure you keep an eye on how much your overall debt is so you can make better decisions instead of guessing how much as this is a factor in how I managed to get into so much debt. I had buried my head in the sand and couldn’t figure out how to get back out. This is until I found out about the consolidation loan! As I didn’t want my credit score to be affected by a debt management plan or bankruptcy I decided a Debt Consolidation loan was my best option. I was able to pay off all of my debtors and have one payment a month come out. The interest rate was lower than any of my debtors and it gave me less worry about how much I will be charged in the coming months. Having less stress and a little more money for myself each month has made a huge difference to my mental health as well as my finances.

If this is something you are either worried about or need help in consolidating your debts then I would suggest you do your research. You will find information on how a debt consolidation loan can help you and if it is the best option for you. To find out more information click here

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